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After receiving the boost of an Emissions Performance Standard from DECC this weekend, the gas industry was told by George Osborne he would work on securing further investment for the North Sea.

The Chancellor or the Exchequer said: “As we work towards a new gas strategy in the autumn, Treasury ministers will host a roundtable with the industry to hear their views on what the Government can do to encourage investment.

“We are also working hard to support the energy sector investment more broadly, including in the UK’s oil and gas resources in the North Sea.”

The Government has given consent for six new plants since May 2010.

The recent EPS announcement was welcomed by industry. Mike Tholen, Oil & Gas UK’s economics director said a move to gas was good for reaching climate change targets: “We have long believed using gas to provide electricity and heat is cost effective and will cut emissions sharply. The technology is proven and it will secure our electricity supplies but the industry has required certainty in order to invest in new capacity.”